• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.79-109
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• 2008

According to asymmetric information hypothesis (for example, Ross (1977), Myers and Majluf (1984)), the impact of seasoned equity offering (SEO) announcement on the stock price depends mainly on the informational market efficiency. Despite of the importance of this fact, most of the previous SEO-related studies have done under the assumption of equal informational market efficiency among sample firms. This study intends to solve this problematic assumption and explores the real impact of SEO announcement on the stock prices. For this purpose, we divide 122 SEO firms into two subgroups; one with firms from KOSPI200 and the other including firms from the rest of KOSPI, assuming the former is more informationally efficient than the latter. Different from the US market-based study demonstrating short-and long-term negative price impacts of SEO announcement, most of the Korean market-based ones show price increases up until the announcement and decreases just after the announcement and in the long run. These previous studies attribute this difference to the different market system and regulation between them. Our results indicate that this discrepancy can be attributed to the different degree of market efficiency as well as the different market system and regulation.

• Journal of Digital Convergence
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• v.10 no.4
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• pp.181-190
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• 2012

Cost of capital is one of the key factors of accounting regulation policy for telecommunication market. This paper aims at investigating efficient policy improvements concerning accounting regulation for telecommunication market focused on cost of capital calculation methods and its application. At First, cost of capital estimating method should be improved. In estimating the cost of equity capital, it is necessary to use benchmark method for Equity risk premium. It will reduce analytical errors caused by a rapid economic change and inflation. It is also more desirable to use debt premium adding method for the cost of debt capital. Optimal capital structure method may be considered a better way to estimates capital structure. Secondly, cost of capital estimating process also has to be reformed. Telecommunication industry changes rapidly so it does not reflect fast environmental changes. Therefore, cost of capital should be calculated every year. Cost of capital should be calculated by individual companies. There is information asymmetry between regulators and regulatees. Because of that cost of capital calculating process takes long time and cost a lot. To solve this problem, regulator should legislate on cost of capital calculation and then regulating companies report the calculating result. Lastly, major telecommunication companies are all listed now and it is possible to calculating it separately. We must continuously improve the estimating method and application of cost of capital and due to the fast growing of telecommunication industry. The process of determining the calculating method must be discussed and best method chosen.

• Land and Housing Review
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• v.5 no.4
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• pp.259-269
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• 2014

After global financial crisis, the ratio of household debt to GDP was decreasing in other advanced countries such as the U.S., and the U.K. and so on. But, in Korea, household debt (of which residential mortgage loan account for a large part) ratio is still increasing. This paper focuses on the scale and characteristics of households in negative housing equity (those are called House-poors in Korea), and also the socio-economic backgrounds of the formation process. In financial perspective, the problem of negative housing equity depends on financial debt repayment capability. We used DSR (Debt Service Ratio) and LTA (Loan to Asset ratio) as financial indicators to evaluate the debt repayment capability. The critical value of DSR is assumed as 40%, and LTA 100%. The socio-economic backgrounds of the House-poors are as follows : increasing households debt dependency, over lending competition of financial institutions and unreasonable loan in household economy, instability of real estate market, week regulation on mortgage loan. Finally, this paper suggests some implications about the range and the target of public intervention.

• Journal of Korean Academy of Nursing Administration
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• v.6 no.1
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• pp.147-159
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• 2000

This paper studied the factors that influence on RN staffing level in the 43 Specialized general hospitals. Market structure was analysed using the monopsony model. The degree of competition was estimated by Herfindal Index and market was defined as Great medical zone. As the result of the estimation, in the more competitive hospital market hospitals employed the higher level of RN staffing, so monopsony model was supported. Hospitals with above 1001bed employed more RN than hospitals with below 700bed did. Hospital type, hospital union and the number of medical doctor did not affect the level of RN staffing. There was positive correlation between the level of RN staffing and the number of nurse's aid. The structure of RN market in Specified general hospitals was proved monopsony market, it seems that government regulation will be needed to improve social efficiency and equity.

• The Korean Journal of Franchise Management
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• v.13 no.4
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• pp.1-12
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• 2022

Purpose: In 2020, the franchise industry accomplished a significant growth compared to the previous year, as the number of franchise companies increased by 9.0% while the number of franchise brands increased by 12.5%. Despite growth in size, the Korean franchise industry underwent many negative incidents, such as franchise ownership sales to private equity funds, that led to deterioration of businesses. From this point of view, this study aims to make various proposals to help policy makers develop franchise industry policies by analyzing trends of the current and previous presidential administrations' franchise policies and regulations using newspaper articles. Research design, data and methodology: A total of 7,439 articles registered in Naver API from February 25, 2013 to November 29, 2021 were extracted. Among them, 34 unrelated video articles were deleted, and a total of 7,405 articles from both administrations were used for analysis. The R package was used for word frequency analysis, word clouding, word correlation analysis, and LDA (Latent Dirichlet Allocation) topic modeling. Results: The keyword frequency analysis shows that the most frequently mentioned keywords during the previous administration include 'no-brand', 'major company', 'bill', 'business field', and 'SMEs', and those mentioned during the current administration include 'industry' and 'policy'. As a result of LDA topic modeling, 9 topics such as 'global startups' and 'job creation' from the previous administration, and 10 topics such as 'franchise business' and 'distribution industry' from the current administration were derived. The results of LDAvis showed that the previous administration operated a policy based on mutual growth of large and small businesses rather than hostile regulations in the franchise business, whereas the current administration extended the regulation related to franchise business to the employment sector. Conclusions: The analysis of past two administrations' franchise policy, it can be suggested that franchisors and franchisees may complement each other in developing the Fair Transactions in Franchise Business Act and achieving balanced growth. Moreover, political support is needed for sound development of franchisors. Limitations and future research suggestions are presented at the end of this study.

• Journal of the Korean Home Economics Association
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• v.42 no.3
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• pp.119-130
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• 2004

The purpose of this study is to estimate the rate of credit card payment for private education. The results of study can be used to improve credit card handling problems of private educational institutes, leading toward improvements in income transparency, increase in tax burden equity and long-term economic welfare improvement for individual households. 424 households out of 586 household that were surveyed in September of 2002 had 1,700 cases private extracurricular education. 67 of the 1,700 cases that did not have expenditure records were removed from the analysis. Only 3.67％ out of 1,633 cases were paid by a credit cards and the amount of credit card payment were only 5.65％ of the total amount spent for private education. The average fee of private educational institutes that allow credit card payment was higher than the fees of private institutes which don't allow a credit card payment or those of private institutes where consumers don't know whether a credit card payment was allowed. The average fee of private education paid by credit cards was 34,465.46 won higher than that paid by cash. Credit card payments to private educational institutions is an important social issue with respect to fair tax collection and tax burden equity since most private educational services operate in fairly small sizes and are offered by the self-employed, and the expense of private education is a fairly large proportion of the household income. It is also important for consumers if credit card acceptance expands alternatives that consumers can choose in private education. Therefore, credit card payment should be encouraged in private extracurricular education. To do this, private education providers should be forced to join a credit card payment service by the National Tax Service. A regulation that prohibits the refusal of credit card payments should be required, and credit card service charges of private education providers should be incrementally decreased. Also, consumer education and public promotions for credit card use instead of cash in paying for private education fees are recommended.

• KDI Journal of Economic Policy
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• v.46 no.1
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• pp.21-51
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• 2024

Since the Global Financial Crisis of 2008-2009, the importance of nonbank financial institutions in macroprudential management has increased significantly. Consequently, major countries and international financial institutions have been actively discussing and implementing macroprudential supervision and regulation for non-bank financial institutions (NBFI). In this context, this paper analyzes the systemic risk of both banks and non-bank sectors (securities firms and insurance companies) in South Korea over different time periods. Using the widely recognized ΔCoVaR methodology for measuring systemic risk, the analysis reveals that systemic risk increased substantially across all three sectors (banks, securities firms, and insurance companies) during the Global Financial Crisis, the European Sovereign Debt Crisis, and the COVID-19 pandemic. Although the banking sector exhibited relatively high systemic risk compared to the securities and insurance sectors, the relative differences in systemic risk varied across the different crisis periods. Notably, during the margin call crisis in March of 2020, the gap in systemic risk between the banking and securities sectors decreased significantly compared to that during both the Global Financial Crisis and the European Sovereign Debt Crisis, indicating that securities firms had a more substantial impact on risk in the overall financial system during this period. Furthermore, I analyze the impact of the issuance of equity-linked securities (ELS) by financial institutions on systemic risk, as measured by ΔCoVaR, finding that an increase in the outstanding balance of ELS issuance by financial institutions had an impact on increasing ΔCoVaR during the three crisis periods. These findings underscore the growing importance of non-bank financial institutions in relation to South Korea's macroprudential management and supervision. To address this evolving landscape, enhanced monitoring and regulatory measures focusing on non-bank systemic risk are essential components of maintaining financial stability in the country.

• Health Policy and Management
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• v.28 no.3
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• pp.226-232
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• 2018

The objectives of this study were to evaluate the current state of governance structure and management of the health system to achieve the goals of the health system in South Korea, and to propose reform plan. This study drew implications from the governance of United Kingdom, Germany, and Netherlands, based on the principle of health system proposed by World Health Organization. The presidency and the health ministry should make macroscopic decision-making. The government has to decentralize the enforcement by municipality to operate public health and national health insurance (NHI), and to distribute the centralized NHI fund by municipality. The front line health centers and community centers should provide integrated health and social services. The government has to establish diversified regulatory bodies to enhance both the patient-centered care and the efficiency and equity of health care, and to provide mechanisms for ensuring autonomy of providers. The governance of the health system should be composed of the centralization of macro decision-making, the decentralization of implementation by municipality, the integration of health and social services on the front line, and the well-balanced regulation and autonomy on both consumers and suppliers.

• Journal of Preventive Medicine and Public Health
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• v.46 no.4
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• pp.155-164
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• 2013

Noncommunicable diseases (NCDs) are the most important causes of premature mortality and disability-adjusted life years in Korea. NCDs are also the main contributor to socioeconomic inequalities in mortality and life expectancy. Reduction of NCDs and NCD inequalities would result in significant improvement in healthy life expectancy and health equity in Korea. Major NCD risk factors such as dietary risks (including salt intake), alcohol consumption, cigarette smoking, and high blood pressure were found to be the leading modifiable risk factors of disability-adjusted life years in Korea, based on the 2010 Global Burden of Disease Study. Several Korean studies have shown that these risk factors play an important role in creating socioeconomic inequalities in NCD mortality and total mortality. Current international discussions on NCD policies in the United Nations and the World Health Organization would provide better opportunities for developing aggressive population-wide policy measures in Korea. Considering the paucity of population-wide policies to control major NCD risk factors in Korea, rigorous population approaches such as taxation and regulation of unhealthy commodities as well as public education and mass campaigns should be further developed in Korea.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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• v.9 no.6
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• pp.773-782
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• 2019

Basel III (Third Basel Accord or Basel Standards) is a global, voluntary regulatory framework on bank capital adequacy, stress testing, and market liquidity risk. Basel III regulatory ratios include capital adequacy, asset soundness, and liquidity. The capital adequacy variables include BIS capital adequacy ratio, BIS tier 1 capital ratio, and tangible common equity ratio. The asset soundness variables include non-performing loan ratio and non-performing loan coverage ratio. The liquidity regulation variables include KRW liquidity coverage ratio and foreign currency liquidity coverage ratio. This study aims to investigate how capital adequacy standard affects efficiency of internet primary banks. As a result of this study, BIS capital adequacy ratio of domestic internet primary banks is lower than that of commercial banks. In order to maintain sustainable operation considering capital adequacy regulations, it is necessary to expand additional capital. In addition, the delinquency rate and non-performing loan ratio of domestic internet primary banks is gradually increasing due to the maturity of high-yield loans in 2019.